|
Coke gives reins to Daft
|
 |
February 17, 2000: 2:38 p.m. ET
New chairman takes control ahead of April target date; company ups dividend
|
NEW YORK (CNNfn) - Coca-Cola Co. Chairman-elect Douglas Daft took control Thursday of the soft drink maker, ahead of his scheduled assumption of the position in April, after a vote Thursday by the company's board.
The company said Daft, who has headed the Schweppes division since last October, assumed control of the company from retiring chairman M. Douglas Ivester because Daft is effectively running the company already. Coke said Jack L. Stahl, the chief financial officer since 1989, was elected president by the board -- a position that was vacant under Ivester.
"The board of directors had asked me to stay on through April to ensure a smooth transition," Ivester said in a prepared statement from the company. "That transition is complete, and I am very confident that the Coca-Cola Co. is in very good hands under the leadership of Doug Daft and Jack Stahl."
Ivester, 52, announced in December that he planned to retire after Coke's annual shareholders meeting April 19. But Daft, named at the time as Ivester's successor, has already demonstrated that he's in charge, announcing a restructuring program of the beleaguered company two weeks ago.
Daft, a 56-year-old Australian native, began his career with Coke in 1969. He served in several planning and marketing position in Asia before being named president of the Central Pacific Division in 1984.
Stahl, 46, has spent 20 years with the company. He previously headed Coke's Latin America Group and The Minute Maid Company.
The company also announced a one-cent-a-share increase in its quarterly dividend to 17 cents. That's equivalent to an annual dividend of 68 cents a share, and is payable April 1 to shareholders of record as of March 15.
Shares of the Atlanta-based soft drink producer fell 1-3/16 to 52-3/8 in afternoon trading Thursday. 
|
|
|
|
|
|
Coca-Cola Co.
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
